Discovery Extends Zaslav Pact Into 2015

Discovery Communications revamped its employment agreement with CEO David Zaslav, extending the deal to early 2015, increasing his base salary to $3 million and creating incentives that could reap the cable veteran more than $55 million over the life of the contract.

According to documents filed with the Securities and Exchange Commission late Thursday, Zaslav's new employment agreement -- his old one wasn't scheduled to expire for another two years -- calls for a new base salary of $3 million, up from $2 million last year, beginning in 2011. Discovery also will increase Zaslav's annual incentive target in 2009 to $4 million, up from $3.5 million in 2008, and subject to $500,000 increases from 2010 to 2014 to about $6.5 million.